• Home
  • News
    • People moves
    • Africa
    • Asia
    • Australia
    • Canada
    • Caribbean
    • Domicile
    • Europe
    • Latin America
    • North America
    • Middle East
    • US
    • US
    • UK
  • Products
    • Funds
    • Pensions
    • Platforms
    • Insurance
    • Investments
    • Private Banking
    • Citizenship
    • Taxation
  • Fintech
  • Regulation
  • ESG
  • Expats
  • In Depth
  • Special Reports
  • Directory
  • Video
  • Advertise with us
  • Directory
  • Events
  • European Fund Selector
  • Newsletters
  • Follow us
    • Twitter
    • LinkedIn
    • Newsletters
  • Advertise with us
  • Directory
  • Events
    • Upcoming events
      event logo
      International Investment Nordic Forum 2021

      International Investment is delighted to announce the 2021 International Investment Nordic Forum which will take place on Tuesday March 9, at 9am (GMT). This curated virtual event will be broadcast live and will feature a series of fund manager interviews and presentations, as well as interviews with some of the Nordic regions top fund selectors.

      • Date: 09 Mar 2021
      • ONLINE, ONLINE
      event logo
      Sustainable Investment Festival 2021

      The Sustainable Investment Festival will run online from 22-25 June and will include thought-provoking presentations from renowned keynote speakers, innovative breakout events and sessions specifically tailored to meet the information needs of fund selectors, financial advisers, pension consultants, trustees and scheme managers.

      • Date: 22 Jun 2021
      • Online, Online
      View all events
  • European Fund Selector
International Investment
International Investment

Sponsored by

Sharing Alpha
  • Home
  • News
  • Products
  • Fintech
  • Regulation
  • ESG
  • Expats
  • In Depth
  • Special Reports
  • Video
  • Business Development

Saudi investment on hold as businesses fear surveillance

Saudi investment on hold as businesses fear surveillance
  • Christopher Copper-Ind
  • @intlinvestment
  • 25 July 2018
  • Tweet  
  • Facebook  
  • LinkedIn  
  • Send to  

Businesses in Saudi Arabia are holding back cash or attempting to transfer funds abroad as nervousness hangs over the economy following a crackdown on alleged corruption earlier this year.

According to a report in the FT, even attempts to send as a little as $30,000 out of the kingdom are being blocked. Banks are reporting that many HNWIs and their families are fearful of being monitored by the government, especially any funds transferred overseas.

Related articles

  • Saudi 'anti-corruption' purge ends, yielding $107bn for the state
  • Saudi Arabian courts process 30,000 financial cases in 9 months
  • Saudi anti-graft drive ends with $106 bn in settlements
  • Saudi exodus as 2 million expats arrested in 12 months

‘Huge scale capital controls’
One wealth manager, speaking on the condition of anonymity, told the FT: “A $30,000 transfer being made by a relative [of a well-connected businessman] was questioned by a government official at the bank. These are targeted — but huge scale — capital controls.”

The crackdown saw more than 300 tycoons and top businessmen detained in an operation that yielded around $100bn for the Saudi state. Many were held for weeks in the Ritz-Carlton, Riyadh, where they were forced to hand over assets and cash in return for their freedom.

The climate of unease comes as the crown prince, Mohammed bin Salman, seeks to reform the Arab world’s largest economy, and create 1.2m jobs in the nascent private sector by 2020. The official rate of unemployment, at 12.9%, is currently the highest on record.

As reported by International Investment, expat workers are leaving the country in record numbers (800,000 since January 2017), as fees on expat labour have increased and opportunities diminished as part of a drive to see Saudi nationals employed in the private sector. Yet the latest figures show that expats still occupy around 80% of all private sector jobs in the country.

The climate of weak investor and business confidence coincides with a prolonged slump in the price of oil and rising unemployment. Many observers remain doubtful the crown prince can realise his ambitious reforms on schedule.

  • Tweet  
  • Facebook  
  • LinkedIn  
  • Send to  
  • Topics
  • Business Development
  • Regulation
  • Middle East
  • Corruption
  • Saudi Arabia

More on Business Development

Woodford founders voiced concerns to FCA in 2015: reports

  • Regulation
  • 01 March 2021
Hawksford secures European private equity investor

  • Business Development
  • 01 March 2021
St James's Place predicts £200bn AuM by 2025 despite job cuts

  • Business Development
  • 25 February 2021
FCA hands £3.4m back to unauthorised investment scheme victims

  • Regulation
  • 24 February 2021
EU removes Barbados from blacklist of 'non-cooperative' jurisdictions

  • Regulation
  • 23 February 2021
Back to Top

Most read

HSBC appoints CEO for the Middle East region
HSBC appoints CEO for the Middle East region
People moves: Phoenix Group, Franklin Templeton, TMF Group, AJ Bell, Arete, Just Group
People moves: Phoenix Group, Franklin Templeton, TMF Group, AJ Bell, Arete, Just Group
Nordic Fund Selector of the Year 2021 shortlist announced
Nordic Fund Selector of the Year 2021 shortlist announced
UK Budget: Sunak freezes lifetime allowance for pensions contributions
UK Budget: Sunak freezes lifetime allowance for pensions contributions
Europe's wealth mangers increasingly focusing on Bitcoin: survey
Europe's wealth mangers increasingly focusing on Bitcoin: survey
  • Contact Us
  • Marketing solutions
  • About Incisive Media
  • Terms and conditions
  • Policies
  • Careers
  • Twitter
  • LinkedIn
  • Newsletters

© Incisive Business Media (IP) Limited, Published by Incisive Business Media Limited, New London House, 172 Drury Lane, London WC2B 5QR, registered in England and Wales with company registration numbers 09177174 & 09178013

Digital publisher of the year
Digital publisher of the year 2010, 2013, 2016 & 2017
Loading